Budget Review

Gillard's mantra: Work, work, work.

Overall, it's a fairly mild budget to put us back into surplus by 2012/2013, but Gillard's first budget proves to be tough for the unemployed as the government proposes to introduces tougher measures for young parents, the long term unemployed and disability support pensioners.  On the other hand, employment income exemptions for pension purposes will be introduced for senior Aussies.

Owning a home is still out of reach for many Australians.  The cost of living is going up and we can expect 2 interest rate rises over the next year.  It is disappointing then that under the proposed budget the Family Tax Benefit cuts out for those earning $150,000 - rich on income of $150,000, really??

A relief that the Child Care Rebate will not be means tested and that individual tax rates remain unchanged.

And as for that recent High Court decision allowing deductions for education expenses against youth allowance, legislation is set to be passed to reverse this, effective 1st July 2011

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